Establishing business continuity in the aftermath of a ransomware attack

The first line of defense against ransomware attacks is pre-existing protection.

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Nearly every business relies heavily on technology to keep their operations running smoothly. With the increasing threat of ransomware attacks, however, it’s crucial for businesses to have a well-thought-out plan for business continuity. Ransomware attacks can bring your business to a screeching halt, causing significant financial losses and reputational damage. As an example, the recent MGM cyberattack is estimated to have cost it more than $100 million. 

To ensure that your business remains resilient in the face of these threats, you need a comprehensive strategy that encompasses pre-existing protection, incident response, cyber insurance, and robust backups. In this article, we will delve into each of these elements and explain why they are vital for business continuity.

Pre-existing protection against malware threats

The first line of defense against ransomware attacks is pre-existing protection. It’s essential to have robust security measures in place to prevent malware threats like ransomware from infiltrating your systems. Here are some key aspects to consider:

Incident response planning

Even with the best preventive measures in place, it’s essential to have an incident response plan before an incident occurs. This plan outlines in advance the steps to take should a ransomware attack occur, ensuring a coordinated, timely and effective response. Here’s why incident response is crucial:

The role of cyber insurance

While preventative measures and incident response plans are vital, they may not cover all the costs associated with a ransomware attack. This is where cyber insurance comes into play:

The critical role of backups

One of the most critical components of business continuity in the face of a ransomware attack is having reliable backups. Without proper backups, your business could come to a grinding halt, and manual recovery may be the only option. Here’s why backups are so essential:

Ensuring business continuity in the face of a ransomware attack is a multifaceted endeavor that involves implementing pre-existing protection measures, incident response planning, cyber insurance, and reliable backups, all of which play crucial roles in safeguarding your business operations. 

By taking a proactive approach and investing in the following key elements, you can reduce the risk of a ransomware attack crippling your business.

Steven W. Teppler is a partner at Mandelbaum Barrett in Roseland, and chair of the firm’s privacy and cybersecurity practice group. Contact him at steppler@mblawfirm.com.

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